Despite the threat of multipolar competition and a rearmament in Europe, military budgets are far from their 1980s highs.

If U.S. CPI data shows evidence of sticky price pressure it could support the dollar, and EUR/USD could break below 1.09, and USD/JPY above 150, UniCredit said.

Oil prices edged higher in early European trade on fears that Hurricane Milton could cause significant supply disruptions in the U.S. and concerns over escalating tensions between Israel and Iran.

Retail demand for gold in China is likely to improve, CCB International said, after sales rebounded 26% on month in August.

Citi Research expects France to raise this year’s government bond issuance target to €296 billion and pencil in €300 billion of supply for 2025, with both targets excluding buybacks, and if realized, “should be OAT-neutral.”

The expected settlement with regulators and prosecutors relates to charges that the Canadian bank’s U.S. unit failed to properly monitor money laundering by drug cartels.